The post Massive SHIB burn sparks 779,000% 24-hour surge appeared on BitcoinEthereumNews.com.

In a remarkable turn of events, the Shiba Inu community has witnessed an astonishing 779,000% spike in the number of SHIB tokens burnt in the past 24 hours.  This staggering surge has set a record for the most significant 24-hour burn in the history of the meme-inspired cryptocurrency.  A whopping 8.62 billion SHIB tokens have been effectively taken out of circulation as they made their way into inactive wallets. The role of SHIB burns in Shiba Inu’s ecosystem SHIB token burns have become a crucial element within the Shiba Inu ecosystem, as many investors believe that these burns act as a catalyst for price surges. Any investor can participate in burning SHIB tokens, and once they are burned, they are permanently removed from circulation, leading to a reduction in the overall supply of SHIB. This latest surge in token burns, notably the majority of which occurred in a single transaction involving the transfer of 8,615,169,427 SHIB tokens to a dead wallet, has been attributed to the Shiba Inu team.  Lucie, Shiba Inu’s marketing lead, confirmed this move and announced that it was the second such burn carried out by the team, with more burn events on the horizon. Shiba Inu’s ongoing commitment to token burns The Shiba Inu team had previously executed a similar burn of over 8 billion SHIB tokens on December 4th. This burn was funded by accumulated network fees on Shibarium, with developers pledging approximately 70% of these fees for future SHIB burns. Shytoshi Kusama, Shiba Inu’s lead developer, has been vocal about the prospect of more SHIB burns in the future. In a social media post, Kusama hinted at plans to remove SHIB tokens worth over $1.2 million from circulation.  He emphasized that the growing adoption of SHIB in 2023 would lead to more token burns,…

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Filed under: News - @ December 17, 2023 2:12 pm